AAUG INSURANCE CO LTD.

PUBLIC STATEMENT

AAUG INSURANCE CO LTD.

Tortola, British Virgin Islands – 17 August 2018 – The British Virgin Islands ("BVI") Financial Services Commission (the “FSC”) considers it necessary to issue this public statement regarding AAUG Insurance Co Ltd..   

The details are:

AAUG Insurance Co Ltd., which was incorporated in the BVI     on 12 December 2005, was licensed by the FSC to carry on general insurance business (now property and casualty[1] insurance business). 

On 30 November 2015, upon being satisfied that it was entitled to take enforcement action against AAUG Insurance Co Ltd., the FSC applied to the Court for an Order under section 162(1) of the Insolvency Act, 2003 for the appointment of joint liquidators of AAUG Insurance Co Ltd..  Upon the Court being satisfied that AAUG Insurance Co Ltd. was insolvent, and that it was just and equitable and in the public interest that a liquidator should be appointed, Christopher John Wilkinson Hill[2] and Keiran Hutchinson of Ernst & Young were appointed as joint liquidators of AAUG Insurance Co Ltd.. 

The reasons for the enforcement action against AAUG Insurance Co Ltd. were that it had breached financial services legislation and that it had carried on or was likely to carry on business in a manner detrimental to the public interest or to the interests of clients, creditors or investors.

The directors of AAUG Insurance Co Ltd. during the relevant period were Gregor Robert Helmuth Gregory, date of birth 2 December 1965, and Ralf Kaiser, date of birth 15 July 1958.

On 15 June 2018 the joint liquidators issued their final report to creditors and the sole member and, on 18 June 2018, AAUG Insurance Co Ltd. was struck off the BVI Register of Companies and dissolved.  On 13 July 2018 the FSC revoked AAUG Insurance Co Ltd.'s licence to carry on general insurance business (now property and casualty insurance business).

The FSC has issued this Public Statement pursuant to Section 37A(2)(c) of the Financial Services Commission Act, 2001.

[1] Section 3 of the Insurance (Amendment) Act, 2015

[2] Roy Bailey of Ernst & Young succeeded Christopher Hill  on 30 June 2017 upon the retirement of Christopher Hill